https://www.taxtmi.com/caselaws?id=39622 Where the assessee's accounts were not found to be incorrect, incomplete, or maintained by an unreliable method, rejection of book results and estimation of profit under the proviso to section 145(1) of the Income-tax Act was impermissible. The record did not support a finding that the sales were unverifiable, as the assessee had produced books of account and relevant trading data, and the authorities had not shown that the accounting entries were unacceptable. The estimation of income was therefore unsupported by germane material and was set aside as based on conjecture rather than the statutory conditions for rejecting regularly maintained accounts. en-us Mon, 18 Nov 1974 00:00:00 +0530 Fri, 16 Jan 2026 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39622 Where the assessee's accounts were not found to be incorrect, incomplete, or maintained by an unreliable method, rejection of book results and estimation of profit under the proviso to section 145(1) of the Income-tax Act was impermissible. The record did not support a finding that the sales were unverifiable, as the assessee had produced books of account and relevant trading data, and the authorities had not shown that the accounting entries were unacceptable. The estimation of income was therefore unsupported by germane material and was set aside as based on conjecture rather than the statutory conditions for rejecting regularly maintained accounts. Case-Laws Income Tax Mon, 18 Nov 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39622